SAIC, A123 to form battery JV

Source: Global Times
[11:09 December 18 2009]
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Roewe 550

China's top vehicle maker SAIC Motor will set up a joint venture with American lithium-ion battery maker A123 System to sell battery systems for electric vehicles in the world's fastest growing auto market, A123 System said Thursday.

The joint venture, called Shanghai Advanced Traction Battery Systems Co., will be 51 percent owned by SAIC, A123 said in a statement.

SAIC and A123 would build complete vehicle traction battery systems for hybrid-electric, pure-electric passenger and commercial vehicles, and heavy-duty truck and buses in China.

The Shanghai automaker is planning to develop a hybrid Roewe 750 sedan and a plug-in hybrid version of the Roewe 550. It wants to release its electric cars in 2012.

Agencies and Shi Jierui contributed to this story